Project Performance

PROJECT PROPOSAL

PROJECT PROPOSAL 5

Project Proposal

Project proposal

Introduction

Project management is an aspect that is quite critical to any organization seeking to enable the eventual realization of project success and market growth. It is a well-known fact that running projects without a well-established project management paradigm will limit returns and could result in project failure. Particularly, project management is often thought by most to be an unnecessary burden considering it usually demands budgeting that is almost 20 percent of the overall budget allocation (Pinto, 2013). The management of any project is a necessity because the project manager would be able to hold the team while ensuring the stakeholder requirements are properly addressed. In this sense, a well formulated project management mandates the implicit maintenance of a project under an ‘iron triangle check’ with the delivery time, budgetary requirements, and project scope subject to be in alignment with the stipulated project objectives. This project proposal lays emphasis upon the business culture and operations undertaken by the Prestwich Company. The participation of the company in the fast foods and restaurant sector has been characteristic of various success stories, but their recent market entries in developed economies like Europe has been experiencing various mitigating factors. These markets unlike other emerging regions present immense competition from other established organizations like McDonalds and Burger King. Putting into consideration the basis behind their prior market failures, the project proposal is particularly undertaken with emphasis of the application of better project management to guarantee strategic alignment of both organizational goals, the project objectives, and the team requirements (Munns and Bjeirmi, 2006). The feasible plan that relates to the project is under the setting of practical objectives, budgetary requirements, and the speculated duration or project deadlines.

Project Information

The Prestwich organization deals in the fast foods and restaurant business. Their participation is mainly in the United States, Africa, and Asian economies. However, the company seeks to expand its business into European markets through either partnership or sole market entry. Upon the undertaking of implicit market analysis, it was identified that UK and particularly the region of Manchester offered attractive market prospects. This choice was as a result of months of gathering information concerning market preferences and existing competition. The project deliverables are mainly towards facilitating the introduction, recognition, and thereafter, growth of the company in the new European fast foods market. The aspirations of the company stakeholders specifically contributed the establishment of the project objectives that ought to drive towards the realization of the required project deliverables.

In this sense, the project objectives are centered upon the eventual delivery and satisfaction of the stakeholders’ demands; the first objective of this project attributes to the need to introduce new food products that are not present in the European market. The meals and products offered should attract the loyalty of the consumers. Another project objective entailed introducing the organizational brand to the new market venture and using the explicit marketing strategies to promote and ensure the realization of the desired market control or else, competitive advantages. The other objective for this project was the need to establish a new brand image in the market of a company with a consumer based approach to strategically help improve on customer loyalty and a reputation needed to drive towards better revenue generation.

According to the market research undertaken prior to the establishment of the project, it was evidenced that the markets in Europe was characteristic of consumers with high purchasing power and eating behavior entailing take-outs. The targeted customers are mainly football fans and students. The locality chosen by the company to establish the restaurant is strategic and close to an institution of learning. The financial support needed to ensure the eventual completion of the project mandates the involvement of the existing company investors. The company was further able to garner partnership with an established grocery store in the UK, a major boost considering the strategic partner was to be the main supplier of ingredients/raw materials.

With any project management, the manager and responsible team keep touch with the project objectives and progress through milestones that are established at the start of the project. Milestones are also a necessity for any project because it helps in tracing the spending used under every project task. According to Andersen (2016), when a project manager fails to develop milestones/deliverables they are planning to fail especially in case of misappropriation of funding. In this project proposal, the milestones that ought to be put in place should be in relations with establishing the location to suit the brand image. Further, the purchase of equipment and the recruitment of the needed staff is undertaken. Considering the project partner owns one of the largest grocery stores in the region, the acquisition of commodities should would be easier. Another milestone put forth should entail marketing the company brand and the opening of the location in the region. This could be through the use of banners set up around the city or even through promotional activities like football.

The participation of the Prestwich Company in this project task is precisely because of the market prospects presented after the undertaking of the market research. The European markets are very promising with consumer behaviors subject to support the success and growth of the company in the chosen Manchester market. With market identification and analysis, a crucial timeline to present the stakeholders or unveil the project deliverables would be upon the complete purchase of equipment and thereafter, the setting up of the restaurant interior décor. This milestone would be considered as a critical timeline because it will be a representation of at least 74 per cent of the project. The company can as well start marketing and promoting their products and brand at this stage.

The project will be quite expensive with budgetary allocations needed towards the purchase of land, construction, and the acquisition of equipment. As such, it is recommendable that the company leases a place. Through such a strategy, the overall spending by the organization would be estimated at about $5 million. The lease of the building would be for a year and thus, helpful since the organization would eventually establish its restaurant over the period with the revenue generated eventually useful towards acquiring the building structure leased. Considering the restaurant focuses mainly upon take-away foods, the staff needed are limited and mainly consisting of chefs and a few attendants to serve the various customers.

References

Andersen, E. S. (2016). Do project managers have different perspectives on project

management?. International Journal of Project Management, 34(1), 58-65.

Munns, A. K., & Bjeirmi, B. F. (2006). The role of project management in achieving project

success. International journal of project management, 14(2), 81-87.

Pinto, J. K. (2013). Project management: achieving competitive advantage (No. s 57). Upper

Saddle River, NJ: Pearson.